Source: PaxForex Premium Analytics Portal, Technical Insight
Pound Sterling remains on backfoot on firm BoE rate cut hopes.
Pivot: 1.7149
Analysis:
While the price is above 1.6900, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7149
- Take Profit 1: 1.7300
- Take Profit 2: 1.7400
Alternative scenario:
If level 1.6900 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6900
- Take profit 1: 1.6800
- Take Profit 2: 1.6700
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7500 | 1.6900 |
| 1.7400 | 1.6800 |
| 1.7300 | 1.6700 |
